FYI:
The Morningstar Global Markets Index has risen 4.5% year to date.
Weighted by market capitalization, our coverage universe looks slightly overvalued.
Communication services looks cheap, while tech and healthcare are pricey.
Following a flattish first half, global equities enjoyed a fairly strong third quarter, with the Morningstar Global Markets Index now up 4.5% year to date. In aggregate, our equity coverage of roughly 1,500 stocks, now looks slightly overvalued, trading at a 4.5% premium to fair value on a capitalization-weighted basis.
Regards,
Ted
https://www.morningstar.com/articles/883838/stock-market-outlook-leftbehind-communication-serv.html
